Blockchain DXB: Crypto & Coffee at 8 ☕ 12th Aug 🔴 👀 Ripple 🆚 SEC $125 Fine 🔥Ripples Stablecoin on Ethereum 🔥Internal Revenue Service Updates Crypto Tax Form ❗Celsius sues Tether.io
Blockchain DXB
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12th Aug: Crypto & Coffee at 8 👀 Ripple) 🆚 SEC $125 Fine 🔥Ripples Stablecoin on Ethereum 🔥Internal Revenue Service) Updates Crypto Tax Form ❗Celsius) sues Tether.io)
🔥 Ripple) vs U.S. Securities and Exchange Commission) A federal judge ordered Ripple to pay $125 million in civil penalties and imposed an injunction against future securities law violations, ending the long-running SEC case against the platform Official info by the court here https://shorturl.at/WIk64)
❗ The court's decision in the Ripple vs. SEC case is mixed. It ruled that Ripple's sales of XRP on digital exchanges and other non-cash transactions were not illegal securities sales, which is favourable for Ripple. However, the court also found that Ripple's direct sales of XRP to institutional investors were illegal unregistered securities sales, a win for the SEC. The court didn't declare XRP a security overall; instead, it depends on how and to whom XRP was sold.
🎙️ Check out the Blockchain DXB) podcast we give our commentary on this
- We answer if this is a win for Ripple.
- Is this good for SEC or Ripple?
- Does this order mean Ripple is not a Security and more
🔥 Ripple) has started testing its new stablecoin, Ripple USD (RLUSD), on the Ethereum mainnet and XRP Ledger. The stablecoin, which is not yet tradeable pending regulatory approval, is intended for cross-border payment services. RLUSD is backed by U.S. Treasuries, dollar deposits, and cash equivalents, with reserves to be audited monthly by a third-party firm. Ripple is in the beta phase of testing RLUSD to ensure its security, efficiency, and reliability.
❗ The IRS has introduced a revised draft of the 1099-DA form for cryptocurrency investors, designed to streamline tax reporting for digital asset holders. The IRS’ new U.S. crypto tax regime will begin to go into effect for 2025 taxes, though some controversial aspects remain to be worked out.
- The updated form removes detailed questions about wallet addresses, transaction IDs, and specific broker categories. Despite these changes, experts suggest that further steps are needed to simplify tax compliance within the crypto space & address the unique challenges of the decentralized finance (DeFi) ecosystem. Via Decrypt) here https://shorturl.at/Da7Xm)
⚡ Celsius) has sued Tether.io), seeking $3.5 billion in Bitcoin returns, damages, and legal fees. The lawsuit claims Tether improperly liquidated 39,542.42 BTC that Celsius provided as collateral during its bankruptcy. Celsius argues it wasn't given the chance to provide additional collateral, while Tether insists the liquidation was requested by Celsius after declining to post more collateral. Tether denies the claims, calling the lawsuit baseless.
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